Global Issues Oil prices pierced the $50/bbl barrier this month –At current consumption this is a $2.4 billion/day windfall over long-term average oil.

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Presentation transcript:

Global Issues Oil prices pierced the $50/bbl barrier this month –At current consumption this is a $2.4 billion/day windfall over long-term average oil prices –$30/bbl oil creates a $290 billion/yr windfall or roughly 5 times all foreign aid The Russian Government endorsed Kyoto –Ratification of Kyoto next year helps renewable energy Hydropower becomes increasingly important

World Bank Issues The need to increase support for infrastructure in developing countries –Energy lending increased by 20% last year and increase even more so this year The Bank has committed to increase lending for renewable energy and energy efficiency by 20% p.a. over the next 5 years Our Water Resources Strategy was endorsed by our Board last year: implementation has started

Hydropower

China Potential in million GWH/year % of potential developed Europe North America Africa South America Asia (excl China) Economically-feasible hydropower potential

US and Australia have ~5000 m 3 /cap; Ethiopia has 50 m 3 /cap Water storage

Why is Hydropower Important to the Bank? Global energy demand increased 4 Btoe from Forecast to grow 6 Btoe from > 50% of energy growth in developing countries Energy production should be adequate But at what cost, especially in light of current oil prices

What Will Fuel Energy Demand? Natural gas will meet much of the projected need, but Electricity demand is expected to be high also 71% of energy investments in the next 30 years are expected to be for electricity How will electricity demand growth be met?

New Electricity Generation (Source: IEA)

World Bank lending for hydropower IBRD/IDA & Grant Comm Amt

The Bank’s Role in Hydropower is not all Bad News

What are the Challenges Ahead? The Hydropower strategy of the past is in disrepute The WCD has created hurdles for hydropower development that are not fully endorsed We need to find a middle ground

The Bank’s Approach Fully respect the Bank’s safeguard policies Pro-actively identify opportunities through funding of studies and support for capacity- building Draw on our cross-cutting skills to help identify the multiple benefits Mobilize the breadth of our lending tools: Bank, IDA, IFC, MIGA, Guarantees, GEF, Carbon Offsets

Walk the Walk, not just Talk… The Bank’s current engagements include –Active supervision of projects –Preparation of projects For example: –Nearing completion of Nam Theun 2 –Identifying hydropower projects in India –Support for Nile Basin Development –Six active hydro projects supported by carbon offsets